TechFlow news, according to Cointelegraph, the U.S. SEC told the U.S. Supreme Court that a class-action lawsuit accusing Nvidia of misrepresenting its cryptocurrency mining-related sales to investors should be allowed to proceed.
Nvidia has been engaged in legal battles with investor groups since 2018, and the case has now reached the U.S. Supreme Court.
In an amicus brief filed outside the court on October 2, U.S. Solicitor General Elizabeth Prelogar and SEC senior attorney Theodore Weiman argued that the lawsuit "provides sufficient detail" to survive dismissal by the district court, adding that the Supreme Court should greenlight the appellate court's decision to revive the case.
The brief added: "Valuable private litigation serves as an important complement to the Department of Justice and the SEC’s criminal prosecutions and civil enforcement actions."
The investor group attempted to sue Nvidia in 2018, alleging the company concealed over $1 billion in GPU sales to cryptocurrency miners. The group claimed that Nvidia CEO Jensen Huang downplayed the company's sales exposure in this sector.
